Standard Chartered Bank upgrades Philippines GDP, foreseen growth to 7.1%

Standard Chartered Bank. Photo: ABC 

 

Standard Chartered Bank has just upgraded its economic growth forecast on Saturday, May 24, for the Philippines this year.

In a report, StanChart stated it hiked its full-year estimation to 7.1-percent from the earlier forecast of 6.7-percent. In light of its full-year upgrade, StanChart sees Philippine gross domestic product (GDP) having expanded in the first quarter at about the same pace as to that 6.5-percent in the fourth quarter of last year.

In sudden growth of the country's economic growth forecast, the bank cited strong growth from both domestic consumption and exports, as well as expectations of a pickup in natural disaster's rehabilitation later in the year.

StanChart also upped its first quarter GDP forecast growth to 2.4 percent from 1.5 percent in the end quarter of 2013.

Sales abroad of Philippine-made goods significantly increased by 6.5-percent in the first quarter. This was despite a new truck ban policy, which implemented by City Mayor Joseph 'Erap' Estrada, that made a bottlenecks in the country’s main cargo port in Manila.

As for domestic consumption, StanChart cited strong motor vehicle sales, which increased about 22-percent in the first four months of 2014. StanChart also cited affirmative revenues amongst the country’s giant companies.

"A measure of economic performance, GDP is the amount of final goods and services produced in the Philippines."

StanChart stated that the Standard and Poor’s recent upgrade of the Philippines’ credit rating would also skyrockets business confidence some time soon, opening its gate to similar upgrades by other major credit rating agencies.

All of these positive factors, along with the steady taper of the United States' Federal Reserve, should lead to the appreciation of the Philippine peso, StanChart said, adding that it now foreseen the exchange rate averaging P43:$1 by the end of 2014 and will eventually slip to P42.75 by mid-2015.

The bank forecast inflation averaging 4.4-percent by this year, which is on the mid-upper of the Bangko Sentral ng Pilipinas’ (BSP) full-year target of 3% to 5%. - Centrio Times

 

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Philippines Awarded ₱3.6 Billion Puerto Princesa Modern Airport project to Kumho Asiana Korean firm

Palawan Philippines Photo:thephilippines.com

 

THE Department of Transportation and Communications (DOTC) has awarded a $82.9-million design-and-build contract for the Puerto Princesa airport to Korea's Kumho Industrial Co. Ltd.-GS Engineering & Construction Joint Venture (Kumho-GS), an official said Tuesday.

 

The eco-tourism showcase that is Puerto Princesa, as well as the rest of Palawan, will soon have a modern, world-class airport which we can be as proud of as the destination itself, said Transportation and Communication Secretary Joseph Emilio Abaya.

 

"With beaches and other natural wonders attracting throngs of visitors from all over the globe, it will finally have a gateway that is befitting of its stature," he said.

 

In compliance with its Engineering, Procurement, and Construction (EPC) contract, Kumho-GS will begin with the design component by the third quarter of this year. While the joint venture is preparing the airport’s detailed engineering design, it will likewise begin mobilizing its equipment and securing various project permits.

 

Civil works at the existing site, or the build component, will begin in the fourth quarter of 2014. The project scope includes the construction of a new passenger terminal building, cargo terminal building, apron, connecting taxiways, a new air navigation system, and other support facilities.

 

Kumho-GS will have around 30 months to complete the project, which means that the DOTC expects the modern airport to be operational by first quarter of 2017.

 

Once the project is completed, the airport will have an annual capacity of about two million passengers. In 2013, it counted 1.335 million passengers, which is way beyond its passenger terminal building’s (PTB) current estimated capacity of only 350,000 passengers per annum.

 

“Apart from boosting our tourism sector, this project will also generate jobs, particularly in the infrastructure sector. Overall, the estimate is up to 1,400 total new jobs during construction alone,” Abaya added.

 

The project is largely funded through a Korean Export Import Bank (KEXIM) loan, to the tune of $71.612 million. The loan is payable in 40 years, inclusive of a ten-and-a-half-year grace period, at a concessional interest rate of 0.1% per annum.

 

As a tied official development assistance (ODA) loan, the bidding process was governed by the Guidelines for Procurement of Korea’s Economic Development Cooperation Fund (EDCF), and decisions were concurred with by KEXIM. Bidding for the project was also limited to South Korean firms.  (SDR/Sunnex)

 

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SMC proposes $10 Billion USD 1,600 Hectares World's Biggest Airport to rise at Manila Bay Philippines

NEW INTERNATIONAL GATEWAY Here is an artist’s rendition of San Miguel Corp.’s proposal of what could be the country’s largest and most modern airport—a $10-billion air terminal on reclaimed land on Manila Bay. SanMiguel Corp./CONTRIBUTED PHOTO

The Department of Transportation and Communications (DOTC) is considering the proposal of San Miguel Corp. (SMC) to put up a $10-billion  international air gateway at a reclamation project in Manila Bay.

 

Michael Sagcal, Transportation department spokesman, said the agency was “very open” to the SMC proposal to establish the airport in the bay area covering the cities of Parañaque and Las Piñas.

 

“We invite SMC to make a more formal presentation and to submit a proposal to us,” Sagcal said in an interview, adding that the massive airport project was presented to Malacañang on Wednesday.

 

Transportation Secretary Joseph Abaya was present when SMC president Ramon Ang unveiled the airport plans to President Aquino. The project of SMC, which is part owner of flag carrier Philippine Airlines, would be located at CyberBay Corp.’s disputed waterfront reclamation project in Manila Bay, Sagcal said.

 

San Miguel, which owns a stake in flag carrier Philippine Airlines, told the Philippine Stock Exchange in a disclosure that reports of its bid to build the four-runway hub in Manila Bay were “accurate.”

 

It was not immediately clear how SMC’s airport project—an unsolicited proposal—would pan out since the DOTC earlier enlisted the help of the Japan International Cooperation Agency to identify a second gateway to the country.

 

Also, the Aquino administration maintains a stance against unsolicited proposals, stating on several occasions that it prefers an open bid process.

 

But Abaya said in a text message on Thursday that an unsolicited proposal “isn’t illegal or prohibited, but again, the bias is toward solicited open and transparent bidding, which SMC is open to.”

 

Abaya said in March that JICA had identified the former US naval base in Sangley Point, Cavite, south of Metro Manila, as an ideal location.

 

“If SMC’s proposal turns out to be viable, we will consider it alongside JICA’s recommendations,” Sagcal said.

 

Airlines are frustrated with heavy congestion and other woes at Manila’s existing international airport, which has been named the worst in the world for two years running by an online travel guide.

 

The airport was hit by air conditioning failures in sweltering weather last month, just as millions of Filipinos began traveling for the Easter holidays—forcing Aquino to make a public apology.

 

The airport was built in 1981 to service six million passengers a year, but its terminals handled more than 32 million in 2012, according to the airport authority.

 

Philippine Airlines and other carriers routinely suffer flight delays as Manila and other airports across the country struggle to handle surging traffic.

 

Manila’s Terminal 1 was named the worst in the world for the second year running in 2013 by travel website “The Guide to Sleeping in Airports”.

 

Travelers criticized its “dilapidated facilities,” airport workers—particularly taxi drivers—long waiting times and rude officials.—Inquirer With a report from Agence France-Presse

 

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23rd World Economic Forum; Philippines to share remarkable Growth to 600 world leaders

WEF in Manila pre-conference briefing (From left) Tourism Secretary Ramon Jimenez, Finance Secretary Cesar Purisima, and WEF head of Asia Sushant Palakurthi Rao (Likha Cuevas-Miel, InterAksyon.com)

 

WEF in MANILA | PH's 'remarkable story' draws in 600 world leaders to talk ASEAN, food security

At least 600 world leaders from 30 countries are expected to converge in Manila next week to see for themselves the 'remarkable' growth story of the Philippines during the 23rd World Economic Forum (WEF) on East Asia to thresh out top economic and developmental issues of the region.

 

East Asia has recorded the fastest growth in the world as the economies of developed nations still lumbered last year, with the Philippines leading the pack in Southeast Asia.

 

In a pre-conference briefing on Thursday, Tourism Secretary Ramon Jimenez, Finance Secretary Cesar Purisima and WEF head of Asia Sushant Palakurthi Rao that this summit is a huge opportunity for the Philippines to showcase to the world its potential for investments. Moreover, it is also a chance for the Aquino administration to send the message to global leaders that its good governance platform bears good economic results.

 

"This is about capturing the mind share of decision makers. these are people we would like to expose to the Philippines. This is an opportunity to highlight the gains that we have had," said Purisima.

 

Participants in the WEF on East Asia in Manila are expected to arrive from member states of the Association of Southeast Asian Nations (ASEAN), Japan, India, Hong Kong, UK, Australia, Switzerland, Pakistan and Belgium.

 

About 460 business leaders from 25 industry sectors are also joining the discussions on topics ranging from leadership to finance.

 

According to WEF, holding this year's conference in Manila is a vote of confidence on the country's 'remarkable story', a comeback kid of sorts as the Philippines continues to take the spotlight with its improving competitive rankings, credit rating upgrades and robust economy.

 

"The past hosts of the WEF represented the peak of interest in their respective countries, in 2010 it was Vietnam, in 2011 Indonesia, and then Myanmar. The Philippines has a remarkable story and has really achieved a turn in its economy. The participation numbers are a reflection of global interest in the Philippines," Rao said.

 

The Aquino administration is spending P71 million for hosting the WEF on East Asia at the Makati Shangri-la on May 21 to 23. The amount includes expenses for shuttles and hotel rooms for guests who will also be given free tours within and outside Metro Manila.

 

Among the benefits that this conference would bring to the country is the prestige as this would show to the world that the Philippines is not just a dot on the map.

 

"These are intangibles. Reputation is intangible, image is intangible, these are hard to  measure. The fact that they are here for the first time is a very important signal that they recognize the potential of the country," Purisima said.

 

Guillermo Luz, National Competitiveness Council private sector co-chair, the summit is expected to draw in more foreign direct investments (FDI) to the country, which could result to more jobs for Filipinos--as long as the government has the correct mindset in its pursuit of inclusive growth.

 

"Transport, infrastructure, those are the new frontiers to investment that we should promote. Let us take advantage of the problem areas that we have and turn it into FDI opportunities, bringing people here to see the opportunities and potential partnerships," Luz said.

 

Aside from this, the WEF also presents a great opportunity for leaders to discuss issues that need collective thought and action.

 

"[The WEF] will also be a platform to discuss challenges, and there are many challenges. But there is a collective will among leaders to address them together, and ensure that the economic performance of the region translates to inclusive growth and equitable progress for all," WEF's Rao said.

 

"Given the number of ministers, NGOs, civil society groups, it is an unprecedented opportunity to have a public-private dialogue, cross-sectoral dialogue that is hard to attain otherwise," he added.

 

ASEAN, food security

 

Among the topics that WEF would be tackling are the ASEAN Economic Integration that would commence next year.

 

Purisima said bringing the ASEAN integration to the fore is important as "intra-ASEAN trade is growing rapidly, and has even outpaced the growth of world trade."

 

As a collective, the ASEAN's gross domestic product is around $2 trillion.

 

Representatives from different parts of Asia will also be discussing regional security next week.

 

Regional tensions have risen in the past few weeks, with China and Vietnam's maritime skirmishes reaching new heights as it sparked deadly riots in the latter.

 

China claims almost the entire oil- and gas-rich South China Sea, junking rival claims to parts of it from Vietnam, the Philippines, Taiwan, Malaysia and Brunei. In the East China Sea, Beijing is locked in an increasingly bitter dispute with Japan.

 

China is skipping this year's WEF on East Asia but Rao said this does not have anything to do with the country's ongoing tensions with the Philippines.

 

Also included in the issues to be tackled is food security amid a climate-dictated future. Rao said the WEF summit would set the stage for a public-private dialogue towards achieving food security since "we need to feed a rapidly growing population."

 

With that as a centerpiece, WEF will be launching food security partnerships among the largest food and beverage companies and Asian governments, with the goal of providing livelihood and sustainability to the region through agricultural transformation.

 

Climate change is also on top of the list of issues to be discussed, specifically designing solutions or adopting business models to mitigate climate change-induced respire risks and vulnerabilities.

 

According to the Asian Development Bank, Asia in the last two decades has borne almost half of the global economic cost of natural disasters estimated at $53 billion a year. With a report from Likha Cuevas-Miel, InterAksyon.com

 

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Philippines Export double digits at 11.2% rise to $5.227 Billion from the $4.699 Billion US Dollars

 

Philippines - Merchandise exports posted a double-digit growth in March with an 11.2-percent rise to $5.227 billion from the $4.699 billion a year ago.

 

"The positive growth was mainly brought about by the increase of seven major commodities out of the top ten commodities for the month.  These are: bananas (fresh); machinery and transport equipment; ignition wiring set and other wiring sets used in vehicles, aircrafts and ships; other mineral products; woodcrafts and furniture; electronic products; and articles of apparel and clothing accessories," the Philippine Statistics Authority said.

 

It was the second consecutive month exports posted a double-digit growth, after the revised 11.6 percent registered earlier.

 

Electronic products took the lion's share in the earnings, accounting for a 41.4 percent of the total revenue. The country's top export posted a 10.1-percent increase to $2.166 billion from the $1.967 billion posted last year.

 

Japan was the country's top export destination, with a 25-percent share in the total receipts. This was followed by the United States, (13.7 percent), China (10.7 percent), Hong Kong (8 percent) and Singapore (7.5 percent).

 

Exports to East Asia accounted for 51.7 percent of the total, followed by the Association of Southeast Asian Nations at 15.4 percent and the European Union which accounted for 11.8 percent. -philstar

 

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S&P Level up Philippine investment grade credit rating to "BBB" from "BBB-" & ST to "A-2" from "A-3".

 

S&P raises PHL credit rating a notch above investment grade

 

A year after it raised the Philippine sovereign debt rating to investment grade, Standard & Poor's Ratings Services again upgraded the country's foreign currency denominated and peso debts a notch above the coveted credit rating.

 

This time, the debt watcher gave the Philippines a long-term sovereign credit rating of "BBB" from "BBB-", and upgraded its short-term rating to "A-2" from "A-3".

 

“The outlook is stable,” the debt-watcher noted, signifying a change in the ratings will not likely happen in the next 12 months.

 

"We raised the ratings because we now believe the ongoing reforms to address shortcomings in structural, administrative, institutional, and governance areas will endure beyond the current administration," Standard & Poor's credit analyst Agost Benard noted in an e-mailed statement to reporters.

 

The debt watcher also noted the upgrade "reflects the country's strong external liquidity and international investment position, combined with an effective monetary policy framework relative to the country's income level," while maintaining low inflation and interest rates.

 

The upgrade from S&P came a month after Fitch Ratings affirmed the investment grade on the country's foreign currency denominated and peso debts.

 

S&P gave the Philippines an investment grade rating on May 2, 2013. It was the second upgrade from practically junk status since Fitch Ratings gave the Southeast Asian country its first ever investment grade status in March 2013.

 

In a separate statement, Finance Secretary Cesar Purisima noted the S&P upgrade was a recognition of the "remarkable economic comeback" the Philippines has so far achieved since President Benigno Aquino III took over the helm of government in 2010.

 

"This is further proof of President Aquino's belief that good governance is good economics," he said.

 

"We will continue to institutionalize good governance so our country's economic growth is both sustainable and inclusive. This has been the 19th positive credit rating action since President Aquino took office and the fourth upgrade from S&P," Purisima added.

 

In raising the ratings, S&P said: "We expect ongoing reforms on a broad range of structural, administrative, institutional, and governance issues to endure beyond the term of the current administration."

 

Bangko Sentral Governor Amando M. Tetangco, Jr. said this is a major feat, as S&P did a straight upgrade without first assigning "... a positive outlook before upgrading the rating.

 

"This action is further affirmation of the country's strong macroeconornic fundamentals," he said, noting the Philippines has proven it can sustain growth since S&P raised the Philippine credit rating to investment grade last year, the central bank chief said.

 

The central bank will continue to support growth amid a low-inflation environment, Tetangco said.

 

"We stand ready to adjust our monetary policy stance and adopt macroprudential measures, as appropriate, to guard against risks that would unsettle inflation expectations and threaten the soundness of our financial system," he said.

 

"We will also continue to craft external sector policies that will help keep our external liquidity position strong," Tetangco added.  – VS, GMA News

 

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Team of Philippine Scientists starts Exploring the 14 Million has. "Benham Rise" New Philippine Territory

Benham Rise is a shallow bathymetric feature, east of Luzon, that towers above the adjacent deep ocean floor. The shallowest part, which is Benham Bank, is less than 50 meters deep. NAMRIA image

 

Scientists explore new Philippine territory bigger than Luzon

 

Philippine scientists have started to conduct surveys on the potentially oil-rich Benham Rise, a largely unexplored territory larger than Luzon recently approved by the United Nations as part of the Philippines' continental shelf.

 

The team, led by University of the Philippines (UP) oceanographer Hildie Nacorda of the UP Diliman Marine Science Institute (MSI), left May 3 on board a Philippine research vessel for the first-ever benthic survey of the 13-million hectare area off the eastern coast of Aurora province. The team aims to map the bottom of the ecological region of the sea.

 

Images from the Benham Rise Program, a collaborative research cruise between UP MSI, UPLB and BFAR. 

 

"At anchor at Benham Bank [with] 50-m and 2-knot currents. Trying drop cam[era] to take a peek at bottom. [We're] all okay. A few [are] seasick. Good weather!" the team said on Twitter on Tuesday.

 

On Tuesday afternoon, two of the researchers have touched the lowest part of Benham, reporting "120 percent coral cover." The members of the Benham Rise Program from UP also said they have captured "fascinating" videos of the benthic area.

 

Nacorda's group is expected to conduct surveys for two weeks which can pave the way for further research and exploration in the region, a UP statement said.

 

UP marine law expert Jay Batongbacal said that initial samplings from the undersea plateau point to huge deposits of natural gas and a rich source of manganese nodules. Batongbacal was part of the team that defended the Philippines' claim over Benham Rise before the UN Convention on the Law of the Sea panel, which gave its approval in April 2012.

 

MSI along with foreign research partners and a representative from the Philippine Navy set out for the first oceanographic survey of Benham Rise as part of the Philippines in 2012 following the UN approval. The Philippines was the sole claimant of Benham Rise.

 

The first group, aboard a vessel belonging to Scripps Research Institute,  investigated the effects of Pacific Ocean currents on the productivity of the seas in the eastern Luzon area.

 

Lead investigator Cesar Villanoy from UP said the undersea area is the "least studied of Philippine waters."

 

The Department of Environment and Natural Resources had said that Benham Rise is a potentially oil-rich region that may provide energy for the country and for export.

 

"We own Benham Rise now. This is for future Filipnos," Environment Secretary Ramon Paje had said.

 

Named after American geologist Andrew Benham, the plateau was first mapped in 1933 when it was yet to be acknowledged part of the Philippine shelf. - philSTAR

 

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USA to build-transfer Nuclear Technology to Vietnam, Mindanao Brownout up to 2016 - Plants close jobless rise, Philippines DOE NGA-NGA!..

David Shear, US ambassador to Vietnam (L), and Nguyen Quan, Vietnam’s Minister of Science and Technology clap their hands after signing a civilian nuclear pact in Hanoi on Tuesday. PHOTO COURTESY OF VIETNAMNET

 

Nuclear Power for Mindanao on study for 200 years research- DOST ??

 

Mindanao businessmen have appealed to the government to consider setting up a nuclear power plant in the region, which has been experiencing daily rotating brownouts  since 2010  and expected to last until 2016 or beyond.

 

If renewable are insufficient to meet the economy-driven burgeoning demand for power, we need even to look into nuclear power.  Most countries in the world with cheap electricity have nuclear power.”

 

President Benigno Aquino III has expressed openness to a proposal to use modern nuclear power technology in Mindanao to address the power shortage in the region.

 

Aquino said what is important is to ensure that whatever nuclear power plant is built in Mindanao will conform to international safety standards, citing the radiation case in Fukushima, Japan.

 

"We will study that," Aquino said in a press briefing on Monday.

 

Former lawmaker Mark Cojuangco, during the 2012 power summit in Davao City, has proposed the use of small modular reactors, a relatively new and supposedly safer form of nuclear power, for Mindanao.

 

"There is an ongoing study (on the possible use of nuclear power in Mindanao) by the Department of Science and Technology," the President said. (Interaksyon)

 

Commentary: If the Philippine Government is serious to solve the Blackout in Mindanao which expected to last for more than 6 years, then only Nuclear Power is the answer. USA could grant a build and transfer of nuclear Technology for Mindanao like Vietnam . How long would it takes for DOST to Study? The technology is already there.... then what's the contribution of DOST? To build its own NUCLEAR Plant that would last for 100 or 200 years research? Even Geothermal plant technology are imported then what's the capability of DOST to make its own Nuclear power plant?

 

Noynoy Aquino loves challenge right? yeah we all love challenges so face this Mindanao Problem Mr. President now!. Let the AFP handle the peace and order and DOE to work for Power crisis because majority of the people in Mindanao are living in peace and wants this blackout to end NOW!!

 

Manufacturing plants in Mindanao are keep on shutting down because of the continous black out and lay-off or fired many employees... resulting to continuously rising of JOBLESS in Mindanao. 

 

Mindanao is safe and less prone from earthquake than Luzon. Many parts of Mindanao are "Fault-line Free" which means it's safe to build nuclear plants in those areas .. and DOST knew it.

 

US to tap Vietnam’s nuclear power market under new pact

 

The United States and Vietnam Tuesday signed a deal on civilian nuclear energy that will allow the US to transfer technology and sell its reactors to the Southeast Asian nation.

 

The so-called “123 agreement” was signed by US ambassador to Vietnam David Shear and Vietnam’s Minister of Science and Technology Nguyen Quan in Hanoi, under the authorization of President Barack Obama and Prime Minister Nguyen Tan Dung.

 

“This agreement will create opportunities for Vietnam to access the US modern technology in the nuclear power field, as well as pave the way for US companies to invest in Vietnamese market,” said Nguyen Quan.

 

Meanwhile, David Shear said the pact would build a solid foundation for the cooperation between Vietnam and the US in the civil nuclear sector.

 

Vietnam is pursuing nuclear energy in order to deal with its present shortage of energy. The country hopes nuclear power to provide more than 10 percent of its total power generation needs by 2030.- Thanh Nien News

 

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Philippines debt-to-GDP ratio dropped from 40.6% in 2012 to 39.2 % in 2013

photo: interaksyon.com

 

Philippines - The ratio of government debt to gross domestic product eased further to 39.2 percent last year from 40.6 percent in 2012.

 

In a report, the Department of Finance said the government’s debt to GDP declined to ₱4.53 billion as of the end of December 2013.

 

Government debt to GDP, which peaked at 78.1 percent during the Asian financial crisis in 1997, has been on a downward trend in the past few years as the Aquino administration stepped up efforts to manage the country’s debt.

 

Generally, government debt as a percent of GDP is used by investors to measure a country’s ability to make future payments on its debt, thus affecting its borrowing costs and government bond yields.

 

This continuing trend of decreasing general government debt-to-GDP ratio shows government’s efforts to ensure sustained fiscal space throughout the medium term.

 

The decrease in government debt level was attributed to the ongoing fiscal consolidation with deficit accounting for only 1.3 percent of the country’s total economic output.

Apart from this, the government took advantage of broadly favorable domestic funding conditions in 2013 to redenominate away from foreign currency debt.

 

Of the P554.7-billion gross borrowing for the year, 94 percent came from the domestic market while the remaining six-percent comprised concessional foreign loans from development partners.

 

This helped reduce the foreign debt component of government debt to only ₱1.95 trillion or 34.3 percent of the total outstanding debt.

 

A decrease of local government debt to ₱71 billion from ₱73.4 billion likewise helped trim the ratio.

 

The intra-sector debt holdings of local government also declined to ₱3 billion from ₱3.1 billion.

 

Under the consolidated general government debt, the obligations of the Philippine government, the Central Bank Board of Liquidators, social security institutions (SSIs) and local government units are taken into account.

 

The consolidated debt also nets out public holdings of government securities, including the Bureau of the Treasury’s bond sinking fund (BSF).

 

The combined investment in government securities of the GSIS and the SSS, meanwhile, rose to ₱474.6 billion from ₱453.7 billion in 2012. - PhilSTAR

 

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